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Wednesday, 22 May 19
SHIPPING MARKET INSIGHT - INTERMODAL
 The ship repair sector is showing a constant and gradual increase on the workload throughout the past months, with almost all the shipyards worldwide having already reached close to their maximum capacity as we are heading towards the end of the first half of the year. It goes without saying that this is mainly due to the already prescribed scrubber retrofit demand, while the peak of these deliveries from most of the scrubber manufacturers is starting this May onwards.
A lot of difficulties are expected to be encountered from the shipyards into delivering the scrubber retrofit projects on time given the expected workmanship and considering the big spectrum of uncertainties and complications. One of these uncertainties is the usually late delivery of most of the spare parts, i.e. equipment, cabling, exotic piping, sensors, big valves etc. which in most of the projects coincides with the critical step of the retrofit.
On top of the above there is also a chance of getting extra delays on other aspects such as the design engineering, the class approval the logistics as well as custom formalities. Moving forward, the ETA of most vessels is slightly slipping forward in order to cover these various delays, which is in turn creating a bottleneck in the yards that will require extra attention and forward planning from the shipyards as far as the summer months are concerned. Finally, some shipyards with a relatively big appetite have committed to accept more scrubber retrofits than they can actually accommodate, which will most probably result in additional delays. As a counter measure to withstand the overbooking, certain shipyards have leased floating cranes and extra manpower with a premium cost.
Reviewing the above situation, pricing levels for routine drydocks has become much less attractive compared to six months ago, while first class shipyards are not interested in small projects despite the price benefit. This has given a lot of space for second class shipyards to penetrate to new clientele and in some cases to deliver better than expected results.
Looking forward to the so called coming ‘Shipyard’s Era’ during which shipyards will benefit from the whole repair jam, there are speculations for a second wave of scrubbers shortly after the beginning of 2020, when the price spread between the low and high Sulphur fuel oil will be clearly defined and will reignite the scrubber retrofit interest of some companies currently standing by.
With regards to last week’s MEPC74 Committee, the topics that were covered were rather expected and without any surprises. The IMO has completed a list of guidelines aimed at ensuring consistent enforcement of the global sulfur cap, covering areas such as Post State control guidelines, fuel sampling onboard the ship, ongoing compliance in case of failure EGCS and delivery of compliant fuel by suppliers. An interesting part of the meeting was that in regards to GHG emission reduction, which the IMO agreed to keep on the table, although there is no actual progress so far, while speed reduction and speed optimization will considered in one of the three agendas to be worked on further at the next session.
By Vassilis Vassiliou
Ship-repair Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Tuesday, 26 February 19
THE RELATIVELY DISAPPOINTING SCENE PORTRAYED IN THE DRY BULK MARKET RIGHT NOW - ALLIED SHIPBROKING
The relatively disappointing scene portrayed in the dry bulk market right now (especially in the Capesize segment) is undoubtedly one of the prevai ...
Friday, 22 February 19
AUSTRALIAN HIGH CV THERMAL COAL PRICES AT 19-MONTH LOW, BUT NOT FOR LONG - WOOD MACKENZIE
The benchmark Newcastle high energy thermal coal price has fallen from US$100/tonne at the turn of the new year to US$88/tonne. Thermal coal has be ...
Wednesday, 20 February 19
EFFECTIVE NOTICES OF ARBITRATION - AVOIDING WASTED COSTS AND A POTENTIALLY TIME-BARRED CLAIM
KNOWLEDGE TO ELEVATE
In a recent case, The Amity [2017], charterers successfully set aside an arbitration award on the basis that ow ...
Wednesday, 20 February 19
SHIPPING MARKET INSIGHT - INERMODAL
Market experts mostly agree that the recent dry bulk market downtrend was caused by seasonal slowdown amid the Chinese New Year celebrations in com ...
Tuesday, 19 February 19
AUSTRALIA'S COAL FUTURE UNDER THREAT AS MORE CHANGES HIT FOSSIL FUELS GLOBALLY - ABC
Two disparate decisions from opposite corners of the world have sounded warnings for the future of Australia’s coal industry.
...
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- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Sinarmas Energy and Mining - Indonesia
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
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